If you'd like to read a little more about contingent valuation in action this is the paper that was used in the Exxon Valdez case: A Contingent Valuation Study of Lost Passive Use Values Resulting From the Exxon Valdez Oil Spill. It's a bit long but all the survey instruments are included so if you are curious how people actually do this the information is all there. The loss of non-use values resulting from the Exxon Valdez oil spill was estimated at $2.8 billion.This paper, Contingent Valuation: Is Some Number better than No Number? is interesting and mentions the case plus lots of the problems associated with contingent valuation. You'll notice I'm not the only one who thinks the technique is essentially worthless:
'We believe that contingent valuation is a deeply flawed methodology for measuring nonuse values, one that does not measure what its proponents claim to be estimating.'
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